机械行业月报：继续布局超跌成长子行业龙头和设备更新板块龙头

Investment Rating - The mechanical industry is rated as "Maintain in line with the market" [1] Core Viewpoints - The mechanical sector has shown a rebound in October, with significant growth in underperforming sub-sectors such as lithium battery equipment, photovoltaic equipment, wind power components, and semiconductor equipment. The report suggests focusing on severely undervalued growth leaders and those benefiting from real estate policies, including engineering machinery and elevator sectors [3][4] - The report emphasizes the importance of equipment updates and exports in driving demand recovery in the engineering machinery sector, which is expected to see a value reassessment for leading companies [3][4] Summary by Sections 1. Mechanical Sector Market Performance - In October, the CITIC mechanical sector rose by 3.38%, outperforming the CSI 300 index by 5.7 percentage points, ranking 8th among 30 CITIC primary industries [2][34] - The top-performing sub-sectors included textile and apparel equipment, lifting and transportation equipment, and photovoltaic equipment, with increases of 22.6%, 14.7%, and 13.04% respectively [2][34] 2. Engineering Machinery - Excavator sales in September increased by 10.8%, with domestic sales rising by 21.5% [44] - The engineering machinery sector is experiencing a recovery, with a focus on equipment updates and exports driving demand [52][53] 3. Robotics - Industrial robot production in September grew by 22.8%, indicating a positive trend in the sector [56] - The report highlights the potential for a cyclical recovery in the robotics industry, particularly with advancements in humanoid robots [63] 4. Shipbuilding - The shipbuilding industry continues to show strong growth, with significant increases in completion volumes and new orders in the first three quarters of 2024 [64] - The report notes that China's shipbuilding metrics account for a substantial share of global totals, indicating a robust recovery in this sector [64]